NetEase has been consolidating its leadership of online gaming in the mobile Internet wave.
We are maintaining our fair value estimate for NetEase at $344 per ADR following its fourth-quarter results, as we don’t anticipate any material structural change in the company’s operating margin trend. Despite some slowdown in the gaming business, we believe NetEase’s narrow moat, driven by its intellectual property, is intact. As at Feb. 7, 2018, five out of the top 15 grossing apps in iOS store in China are NetEase games, according to App Annie. NetEase’s e-commerce business was a bright spo...
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